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Had something similar happen to me back in 2009. Was ultra busy straight through 2008 on deals until around October, then pitches / CIM writing through Christmas, then in January 2009 it got very quiet. Things picked up again for me personally in February / March but largely remained quiet through the end of my 2nd year as an analyst.  A lot of analysts actually started leaving the office at 6pm. Was super nice after grinding it out for 18+ months straight.

Take advantage of the time. Start working out if you weren't able to do so before. I joined a soccer league myself and got back into shape after literally a year and a half of in office pizzas, thai food, and other unhealthy junk. The senior guys know you're not cranking away if they aren't giving you work. 

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

Are you guys going into the office, or working from home? Im curious as if I was going into the office with very little work I would be frustrated.

 

I’ve been working from home this past month mostly. Work at BB, very flexible on WFH environment. Staffing has been light but using it to get ahead on stuff outside work

 

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